Will Smith and Jada Pinkett Smith have made headlines once again, but this time it’s not for their Hollywood careers or their iconic relationship. The power couple is reportedly shuttering their foundation, the Will And Jada Smith Family Foundation, after a significant decline in funding following an incident at the 2022 Oscars.
The Oscars Slap Incident
As widely reported, during the 94th Annual Academy Awards, Will Smith infamously smacked comedian Chris Rock on live television. The reason? Rock made a G.I. Jane joke about Jada Pinkett Smith’s bald head. The slap was caught on camera, and it became a viral moment that sparked heated discussions.
Foundation’s Financial Woes
According to tax filings, the foundation’s revenue and donations took a nosedive after the Oscars incident. Let’s break down the numbers:
* In 2020, the foundation received $1.7 million in revenue.
* In 2021, that number increased to $2.1 million.
* However, in 2022, their funds plummeted to a measly $366,000.
High-profile contributors, including CAA (Creative Artists Agency) and American Airlines, stopped donating. The foundation’s financial wellbeing was severely impacted, leading to the decision to shut down.
Winding Down and Focusing on Private Giving
The Smiths founded the foundation back in 1996, aiming to connect
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their family’s interests with social impact endeavors. However, they’ve decided to shift their approach. Instead of operating through a formal foundation, they plan to give directly to charitable causes privately.
Before the Oscars incident, the foundation had already taken steps to wind down its operations. In 2021, they reduced the payment of their only two staffers, and by 2022, no paid staff worked at the organization.
Despite the foundation’s challenges, Will Smith is back in the spotlight. He recently debuted the trailer for Bad Boys 4, the latest installment in the action-packed franchise. The film features Smith alongside Martin Lawrence, and fans are eagerly awaiting its release on June 7.
The trailer showcases the Fresh Prince rocking a white tux, Lawrence navigating intense situations, and the soundtrack featuring Meek Mill and Drake’s hit song “Going Bad.” It’s clear that Smith is ready to reclaim his place in Hollywood.
While the foundation may be closing its doors, the Smiths’ commitment to philanthropy remains strong. Sometimes, even A-list celebrities face challenges in their charitable endeavors. As they pivot toward more direct giving, we’ll continue to watch their impact on the world…whether through Hollywood blockbusters or acts of kindness.